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Independents taking a bigger share of the pension sector

First-quarter figures from the ABI show IFAs are stealing a march on their

direct salesforce rivals for sales of new pension business.

The figures reveal that, despite the continuing falling sales of regular-

and single-premium pensions, IFAs have become the dominant distribution


The figures show IFAs increased their share of the regular-premium pension

market to 59 per cent from 50 per cent in the same period last year.

This was despite sales of regular-premium pensions falling by 2 per cent

to £387m from £396m and single-premium pension sales dropping by 17 per

cent to £1.694bn from £2.036bn over the same period last year.

Regular-premium life business also fell over the period on the back of an

endowment review threat. Sales fell by 9 per cent to £346m from £380m last


Single-premium life business bucked the trend, with new business up by 11

per cent to £6.054bn compared with £5.445bn for the same period last year.

But overall single-premium business fell by 3 per cent to £12.170bn from

£12.550bn last year.

Total regular-premium business rose by 8 per cent to £893m from £825m

thanks to strong sales of regular-pre-mium collective investment sales,

which increased by 229 per cent to £160m from £48m last year.

ABI deputy director general Stephen Sklaroff says: “These figures show

that life and pension products continue to be popular savings vehicles for

hundreds of thousands of consumers. We hope the official launch of

stakeholder will help contribute to an increase in regular pension



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